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How Factoring Brokers Can Close More Deals Video - YouTube
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Typically the factoring sales process in three
parts: first, the factoring broker’s gonna
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explain to the business owner what factoring
is.
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Second part is that the business owner expresses
some sort of interest in moving forward with
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the factoring process.
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And finally you have the closing, which in
essence is when the business owner decides
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to factor their receivables and move forward.
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And, it’s oftentimes that I hear from factoring
brokers that the whole sales process kind
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of stalls in that closing phase, so this video
blog is going to talk about five tips for
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factoring brokers to close deals.
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Basically, the first step is that you’re
supposed to sell what the business wants,
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not what they need.
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Basically, if you talk to a business owner,
of course they need cash to...or they need
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to improve their cash flow – but that’s
not necessarily what they want.
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What the business owner wants is cash, and
they want it now.
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So, instead of, you know, saying during the
sales process, ‘Invoice factoring will help
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you improve your cash flow,’ it sounds better,
and stronger, if you close with something
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like, ‘Invoice factoring is going to give
you cash immediately, as in, you can invoice
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the same day and you receive cash for that
invoice on the exact same day.’
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So that’s the first tip.
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The second tip is to sell factoring as this
one-of-a-kind financing solution.
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Basically, business owners will approach factoring
brokers, and there already two situations
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have occurred: one, they most likely don’t
know about factoring; and two, they’ve already
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kind of exhausted other financing methods.
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So they come to you, factoring brokers, for
a solution, and it’s great if you can offer
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them this one-of-a-kind, unique financing
solution – factoring.
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The next thing, the next tip that a factoring
broker can use to help close sales is to create
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some sort of sense of urgency when, you know,
offering the deal to the business owner.
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This could be something as simple as, you
know, ‘I need to receive your application
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within three days, otherwise the offer’s
no longer good,’ or, you need to receive
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information from them in order...in a timely
manner, in order to keep their file open,
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creating some sort of sense of urgency is
going to prompt that business owner to move
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quicker and move you along the sales process
better.
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The fourth tip is to never underestimate the
power of silence.
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It’s...being quiet is a really good thing
to do after you utilize a closing technique,
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because it allows the business owner to respond
back to your offer.
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And, when you use silence strategically it
naturally creates tension, which prompts the
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business owner to want to respond in order
to stop the silence; it also gives you, the
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factoring broker, the ability to listen and
hear the business owner say, “Yes, I do
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want to factor.”
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Finally, the last tip is basically don’t
take it personally.
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If the business owner says, “No, I’m not
interested,” you have to kind of grow a
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thick skin and realize that they’re not
saying no to you, they’re saying no to the
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idea of factoring.
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So for more tips and more information, please
visit PRN Funding at www.prnfunding.com.
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